Indiafirst Life Insurance Company Limited introduces a new Mahajeevan Plus Plan which is limited pay, non-linked, money back, and participating endowment life insurance policy. The plan protects an individual for 15 to 20 years in return for 12 years of shorter pay commitment. The term, therefore, takes care of the liquidity needs of the individual through various money backs in that policy period. This, in turn, enables the policyholder to use the money-back options for the next yearly premium. As per this plan, the individual will be getting accrued Simple Reversionary Bonus and Maturity Benefit on yearly basis, the end of the policy period.
Commenting on the launch, Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance Company Limited said, “In line with our vision of ensuring certainties through every walk of life, we are pleased to announce the launch of IndiaFirst Life Mahajeevan Plus Plan – an enhanced version of our long-standing best-seller, IndiaFirst Life Mahajeevan Plan. With this new, improved 3-in-1 plan customers can wisely plan for their growing financial needs with the assurance of Protection, Savings, and periodic Moneyback.”
Indiafirst Life insurance company was established in 2009 in Mumbai. The company has a paid-up capital of INR 663 crores. It is promoted by two of India’s biggest public sector banks – Union Bank of India and Bank of Baroda. Both of these banks hold a major stake in the company (UBI holds 30% and BOB holds 44%). The company stands on 12th rank as of March 31, 2020, private sector in Individual NB APE. The life insurance company provides a varied suite of 40 offerings as per the requirement that caters to diverse customer segments, augmenting several investment options, and leveraging multiple distribution capabilities. The offerings are under various categories such as Group Funds for Employee Liabilities, Assured Savings, Pension, Protection, Wealth, and Health. It serves in more than 98% of pin codes throughout the country.